Metro Bank seals a major £22m funding deal for something right up our street

London-based Metro Bank is to provide Aprirose with £22m in funding to facilitate the acquisition of several Mitchells and Butlers pubs.

Aprirose, a real estate investment company, has been supported by Metro Bank with the portfolio’s purchase meaning the pubs will operate under Milton Pubs and Taverns, all 73 of them.

The investment firm appointed LT Management Services (LTM) to manage the deal, including 65 freehold and eight leasehold properties across England, Scotland and Wales.

Manish Gudka, CEO at Aprirose, said: “The acquisition of the Milton Pubs and Taverns portfolio was executed in only 51 days and is indicative of our fast-paced and nimble business, underpinned by our multi-disciplinary team.

“Our strong relationship with Metro Bank has assisted our ability to acquire such a strong portfolio for our investors, and we look forward to building on that relationship as we continue to grow our £1.2bn real estate portfolio.”

Metro Bank has been advised on its valuations by law firm Dentons, and commercial real estate services firm CBRE.

The head of hospitality and leisure at Metro Bank, Matthew Walton, commented: “We are delighted to have supported Aprirose with this transaction, which is their first management contract in this sector adding to their diverse real estate portfolio.

“We are committed to the hospitality sector and supporting deals of varying size, and look forward to working with both Aprirose and LTM on this and future transactions.”